Study revealed that 80% of those surveyed see mistakes as an opportunity to grow and in Chile, 98% see their past failed ventures as learning.
The global survey of Herbalife Nutrition carried out by OnePoll, aimed to find out what factors are considered when starting a small business in 8 thousand owners and employees with more than 10 years of experience in their area. In Chile, 250 people were interviewed. 84 small business owners, 83 managers, and 83 employees, all with 5+ years of experience in their industry.
Small business owners surveyed reported having two unsuccessful ideas before getting one to work and succeed; but those unsuccessful ideas were very important.
98% of those who had had unsuccessful ideas before, learned from each of them.
Not only did small business owners see missteps as learning opportunities, but the employees surveyed shared similar sentiments.
The majority of those consulted by the study believed that missteps are, in fact, part of success: 88% said that to be successful people should not be afraid of making mistakes and the same percentage (88%) believe that You wouldn’t be where you are today if you had stopped trying after the first mistake you made at work.
At the top of the list of lessons was learning how to be more productive (39%) and learn how to set priorities (38%). Followed by how to build trust and be authentic (3. 4%).
Respondents also expressed a better understanding of tasks (33%), how to give and receive feedback of colleagues (33%).
“At work, as in life, what matters most is taking the opportunity to learn and improve,” said John DeSimone, president of Herbalife Nutrition. “Entrepreneurs are constantly learning and growing, and ultimately in the process they make their businesses stronger.”
Small business owners were asked in the survey what they would say to someone starting a business; and the number one tip was get organized (50%) and with the same importance and score: put together a business plan, don’t be afraid to make mistakes or fail, ask for help when necessary and create a marketing plan with (44%).
Other respondents said: “know your strengths and use them”, “go out and have fun” and “never give up”.
“Good business fundamentals and hard work, along with planning, organization and surrounding yourself with supportive people who can give honest feedback are essential to success,” added DeSimone.
WHAT ARE THE LESSONS RESPONDENTS LEARNED FROM THEIR MISTAKES?
- How to be more productive — 39%
- How to set priorities — 38%
- How to build trust and be authentic — 34%
- Better understand tasks — 33%
- How to give and receive feedback of colleagues — 33%
- Have a desire to learn best practices and innovate through continuing education — 30%
- How to strike a balance between trusting your own instincts and analyzing data — 30%
- Better understand the big picture — 28%
- How to better engage with customers — 24%
- Surround yourself with stronger people in other areas of the business — 21%
WHAT ADVICE WOULD SMALL BUSINESS RESPONDENTS GIVE TO SOMEONE STARTING A BUSINESS?
- Get Organized — 50%
- Put together a business plan —44%
- Not being afraid of making mistakes or failing — 44%
- Ask for help when needed — 44%
- Create a marketing plan — 44%
- Understand the market and its audience — 42%
- Be realistic about the capital you’ll need — 40%
- Be careful with whom you associate and with whom you invest — 37%
- Be careful not to waste money — 33%
- Implement a proper records/books process from the start — 29%
- Don’t over-promise or under-deliver — 27%
- Surround yourself with people who have a stronger skill set in different areas than you — 21%
- Make sure you set the right price for the product and/or service — 25%
- Don’t underestimate the work it will take to make your business successful — 8%
- Don’t launch before you’re ready — 15%
Random survey with double confirmation of acceptance of participation commissioned by Herbalife Nutrition and conducted between February 15 and March 8, 2022. It was conducted by the market research company OnePoll, whose members belong to the Market Research Society and have membership corporative in the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).